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Possibility of getting two mortgages (primary residence and rental property) in a very short timeframe?

Is this possible?Or do I have to wait until the first one closes? by helena_tho870 from Pisek, North Dakota. Sep 24th 2015 Reply


Richard Airey (richardairey)
#3 ranked lender in Maine - 662 contributions

The lender will require a letter of explanation for any recent inquiries to your credit which will include the inquiry from the other lender. It would then be up to the underwriter to decide if they require the details of the other loan application, namely proposed payment to include in your debt to income ratios.

Sep 24th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

So long as you don't need the rental income from the rental to qualify, and assuming you meet all other eligibility requirements, you can apply for both at the same time.. it would make the most sense to use the same lender for both as well, which will make your transaction go much smoother.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Sep 24th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 595 contributions

You can buy 2 properties at the same time or one after the other. It realistically would make sense to go with the same lender or broker and then make sure that they also go to the same source for the loan. This way you will have more limited conditions or at least they will be primarily the same for both loans. If you buy the second property shortly after the first one then it may not show up on credit when you go to do the second purchase. So just make sure you provide a copy of the Settlement Statement (after October 3rd this will be called the Closing Disclosure) and a copy of the note and first payment coupon. This way the lender can see what your payment for this property.

Sep 25th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

That shouldn't be a problem. I don't multiple loans for one person at the same times a few times a year. Just be sure to be working with a very experienced local loan officer, not some simple bank or big internet company application clerk. Lending in MN, WI, and SD for over 20-years. Visit www.JoeMetzler.com

Sep 26th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

You can purchase as many homes as your financial state will allow with the investors guild lines. Some lenders will only finance up 5 properties while others will finance up to 10 properties, you will need to call a local mortgage company and chat with then about your plans.

Sep 25th 2015
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